Bitmine Immersion Technologies is deepening its commitment to Ethereum at a time when market confidence remains fragile.
Blockchain tracker Lookonchain reported on Feb 17 that the firm, chaired by Fundstrat’s Tom Lee, bought another 45,759 ETH last week. The purchase was valued at $90.83 million, pushing Bitmine’s total Ethereum holdings to 4,371,497 ETH.
At today’s prices, the average cost of the company’s holdings is close to $3,821 per coin, putting the holdings deeply in the red with losses of over $8 billion.
However, Bitmine is not one to give up easily, and it appears that the company sees today’s weakness in price as only temporary in the face of its long-term significance.
In its most recent press release, the company has reaffirmed that its total crypto, cash, and high-risk “moonshot” investments are currently at $9.6 billion.
Alongside its Ethereum holdings, Bitmine also has 193 Bitcoins, a $200 million investment in Beast Industries, $17 million invested in Eightco Holdings, and $670 million in cash.
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Ethereum Holdings Now Represent 3.62% of Total Supply
Bitmine’s Ethereum stack is not only massive, but it is also historic. With 4.37 million ETH, the company currently holds approximately 3.62% of the total circulating supply of Ethereum, estimated at 120.7 million ETH.
This puts Bitmine firmly at the top of the list as the world’s largest Ethereum treasury and the second-largest crypto treasury in the world after Strategy Inc., which holds over 714,000 BTC worth close to $49 billion.
The company has also aggressively pursued staking. As of Feb 16, Bitmine has staked more than 3,040,483 ETH, valued at approximately $6.1 billion at a reference price of $1,998 per ETH.
Tom Lee pointed out that with full capacity, the staking business could bring in $252 million per year, based on Bitmine’s reported staking yield of 2.89%. The current annual staking revenue is projected to be $176 million.
Bitmine is working on its own staking infrastructure project, the Made in America Validator Network, or MAVAN, scheduled to go live in early 2026.
Tom Lee Sees 2026 As a Defining Year for Ethereum
Speaking at Consensus Hong Kong, Lee said that 2026 could be a decisive year for ETH adoption. He pointed to three key drivers: Wall Street’s interest in tokenization and privacy solutions, AI agents making payments and verifying on Ethereum, and artists embracing proof-of-human protocols on Layer 2 infrastructure like Worldchain.
He said that the current sentiment among investors is similar to that of the 2018 winter and the 2022 collapse cycle, but that the market has not experienced any significant failures in 2025-2026, only a “harsh deleveraging shock.”
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